Folding Furniture Market in the US 2015-2019
About Folding Furniture
Quality, functionality, and aesthetic appeal are some of the major areas of focus in modern day furniture. Due to maintenance costs and other associated costs, people prefer living in small houses. This leads to preference for folding furniture, as they can be folded and tucked away when not in use. Apart from being multifunctional, they also enhance the decor.
Technavio's analysts forecast the folding furniture market to grow at a CAGR of 6.47% during the period 2014-2019.
Covered in this Report
This report covers the present scenario and the growth prospects of the folding furniture market in the US for the period 2015-2019. To calculate the market size, the report takes into consideration the revenue generated from sales of folding furniture in the residential market. The report considers revenue generated from the following segments of the market:
Technavio Announces the Publication of its Research Report – Folding Furniture Market in the US 2015- 2019
Technavio recognizes the following companies as the key players in the Folding Furniture Market in the US: Dorel Industries, Lifetime Products and Meco
Other Prominent Vendors in the market are: Ashley Furniture Industries, Expand Furniture, Haworth, IKEA, La-Z-Boy, Leggett & Platt, Murphy Bed Direct and Resource Furniture
Commenting on the report, an analyst from Technavio’s team said: “The demographic and psychographic indicators of consumers have changed significantly over the past few years. The increased penetration of wireless broadband Internet, high adoption of smartphones and tablets, and the increased use of social media have provided consumers with access to information on the go. This has helped consumers make informed purchasing decisions; consumers prefer using digital media and devices to obtain detailed information about various products. Digital media also offers more in terms of product choices. In addition, product and service providers use digital media to enhance the customer experience. Smart, wearable technologies have enabled consumers to gain information about various products and services to enhance their purchase decisions. Thus, consumers are becoming more tech-savvy and dependent on technical devices in their day-to-day lives. The influence of digital consumerism on folding furniture retail sales is increasing. The exhibit below depicts the increased influence of the Internet on end-users' buying patterns.”
According to the report, furniture purchases are largely dependent on people's financial capacity. Similarly, the furnishing market is dependent on the housing market. Furniture and housing are considered discretionary products, the purchase of which is dependent on a person's disposable income. The US home furniture and furnishings market was in a turmoil after the 2008-2009 economic recession. During the recession, there were layoffs and tighter budgets; hence, people did not spend money on houses or furniture. However, the economy is now stabilizing and the spending capacity of end-users has increased. End-users are buying new houses, and this in turn is fueling the demand for home furniture. As traditional furniture is static and bulky, occupying a lot of space, people are starting to prefer folding furniture, thus propelling the growth of the folding furniture market in the US.
Further, the report states that fluctuations in the cost of raw materials and assembly components for making furniture is curtailing market growth.
Dorel Industries, Lifetime Products, Meco, Ashley Furniture Industries, Expand Furniture, Haworth, IKEA, La-Z-Boy, Leggett & Platt, Murphy Bed Direct, Resource Furniture